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External Costs & Benefits quiz
King's InterHigh
Created on December 6, 2023
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Transcript
QUIZ ABOUT
EXTERNAL COSTS & BENEFITS
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START
GOODLUCK!
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Some production activity results in costs that are incurred by third parties. What are third parties?
People outside of the business
Events on the third of the month
People who work for the business
The owners of the business
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START OVER?
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RIGHT!
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Which of the follow is not a third party?
Local residents
Local residents
Property owners
Business owners
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START OVER?
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RIGHT!
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What is the missing word from this sentence? 'These external costs are the __________effects of production'.
POSITIVE
CONSTRUCTIVE
SPILLOVER
BENEFICIAL
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START OVER?
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RIGHT!
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The consumption of certain goods can have positive spillover effects. What are these known as?
Internal benefits
External effects
Beneficial extras
External benefits
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RIGHT!
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Select from the following the two examples of external benefits
Healthcare and traffic congestion
Healthcare and Education
Education and climate change
Pollution and Education
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START OVER?
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RIGHT!
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Complete this sentence about an example of an external benefit: 'If people are healthier they are able to work more effectively making contributions to ________ output and paying taxes'
SOCIAL
ECONOMIC
POLITICAL
ENVIRONMENTAL
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START OVER?
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Social costs are costs to society as a whole of an economic activity. How are they calculated?
Private costs + External costs
Private costs + private benefits
External benefits + external costs
Public coss + public benefits
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START OVER?
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Social benefits are the benefits to society as a whole of an economic activity. How are they calculated?
Private costs +private benefits
Private benefits + External benefits
Internal benefits and external benefits
Private costs +Private Benefits
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START OVER?
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What can be used to reduce external costs of production?
Lowering interest rates
Raising interest rates
Changing employment laws
Taxation
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START OVER?
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Governments can offer ____________ to firms to reduce external costs. This is when moneyis offered as an incentive.
Jobs
Subsidies
10
Concert tickets
Lower tax
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START OVER?
WELL DONE!
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YOU WIN!
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BACK